Tue, 24 Mar 2026 | ADMINISTRATION
Since our last update, the following businesses have been confirmed as having fallen into administration. All dates indicate when the administration was announced and not necessarily the dates on which administrators were appointed.
Property companies linked to Market Financial Solutions
Hundreds of high-end central London homes are set to be put on the market following the recent collapse of Market Financial Solutions (MFS), a bridging lender accused of serious lending irregularities.
With MFS creditors facing an estimated shortfall of around £1.3 billion, administrators are preparing to potentially sell more than 250 property companies linked to the lender. Many of these companies hold luxury residential assets in neighbourhoods including Mayfair, Belgravia, Kensington, Knightsbridge, Fitzrovia and Marylebone.
Many of the companies are listed as registered at 134 Buckingham Palace Road, London, the former address of MFS.
Joint administrators David Hudson and Simon Baggs of FRP Advisory and Paul Cooper of BTG Begbies Traynor are reviewing the portfolio and say they will work with MFS’s creditors to “recover the maximum possible value”.
Industrial Floor Treatments Limited - March 17
Industrial Floor Treatments Limited, a Glasgow-based floor treatments company, fell into administration earlier this month, with George Lafferty of BTG Begbies Traynor appointed as administrator.
In accounts for the year to December 31 2024, the company’s fixed assets were valued at around £610,000 and current assets at £1.7 million, with net assets totalling approximately £868,000.
Holborn Studios Limited - March 17
Holborn Studios Limited, a photography studio in London, fell into administration earlier in March, with Mark Reynolds of Valentine & Co appointed as administrator.
The company’s accounts for 2024 are overdue at Companies House, with its filings for the year to December 31 2023 showing non-current assets of around £1.7 million and current assets of £522,000. Net liabilities, however, totalled close to £91,000.
Eagle Specialist Vehicles Limited - March 17
Eagle Specialist Vehicles Limited, a Wigan-based maker of vehicles for the funeral trade trading as Wilcox Limousines, fell into administration earlier this month, with Alexander Kinninmonth and James Prior of FRP Advisory appointed as joint administrators.
In accounts for the year to March 31 2025, the company reported turnover of approximately £12 million, down from around £13.4 million a year earlier, while narrowing its operating losses from £2.7 million to around £535,000.
At the time, its fixed assets were valued at £619,000 and current assets at £9 million, with net assets totalling approximately £642,000.
PSR Equities Limited - March 18
PSR Equities Limited, a London-based loan management and facilitation group owned by Market Financial Solutions CEO Paresh Raja, fell into administration earlier this month, with Stephen Katz of BTG Begbies Traynor and Nimish Patel of Coots & Boots appointed as joint administrators.
In accounts for the year to December 31 2024, the company reported turnover of £84.7 million, up from £47.6 million a year earlier, while recovering from a £4.9 million pre-tax loss to record a profit of £9.5 million.
At the time, its assets were valued at around £119.5 million, with total equity of £1.1 million.
Katz and Patel have also been appointed to a number of other companies based at the same address at 314 Regents Park Road, London, including 3CG Holdings Limited, Credit Capital Corporation Limited, Zircon Group Limited and Venus Bridging Limited.
Uxbridge Glass Centre Limited - March 18
Uxbridge Glass Centre Limited, a Buckinghamshire-based manufacturer of sealed glazing units, fell into administration earlier in March, with David Taylor and Paul Ellison of KRE Corporate Recovery Limited appointed as joint administrators.
Administrators are reportedly seeking a buyer for the company and its assets, with the business said to retain a strong customer base and functioning manufacturing operation.
Find out more about the opportunity to acquire Uxbridge Glass Centre’s business and assets
Utility Meters Warehouse Limited - March 18
Utility Meters Warehouse Limited, a specialist gas provider based in Manchester, fell into administration earlier this month, with Michael Lennon and Mark Blackman of KR8 Advisory appointed as joint administrators.
In accounts for the year to March 31 2025, the company’s assets were valued at around £4.3 million, with net assets totalling £2.2 million.
HH No.5 Limited and HH No.1 Limited - March 18
HH No.5 Limited and HH No.1 Limited, investment vehicles of for-profit shared home ownership specialist Heylo Housing Group, fell into administration earlier this month, with David Baxendale, Edward Williams and Alison Grant of PwC appointed as joint administrators.
The two vehicles own approximately one third of Heylo Housing Group’s 10,500 homes. The administrations are reported to come after a restructuring dispute between the group’s investors.
In accounts for the year to September 30 2024, HH No. 5 Limited reported revenue of £2.5 million, down from £2.8 million a year earlier, while operating profit increased from £4.1 million to around £4.9 million.
At the time, its fixed assets were valued at £78.4 million and current assets at £6.6 million, with total equity coming to approximately £12.9 million.
During the same period, HH No.1 Limited reported revenue of £15.1 million, up from £13.6 million, while operating profit rose from £15.4 million to approximately £27.4 million.
At the time, fixed assets were valued at £528.9 million and current assets at £43.6 million, with total equity of £511.5 million.
Two other subsidiaries, HH1 New Holdings and HH1 Holdings, have also been placed into administration, however they do not hold any assets.
Hive Energy Limited - March 18
Hive Energy Limited, a renewable energy company based in Hampshire, fell into administration earlier this month, with Ross Connock and Edward Williams of PwC appointed as joint administrators.
In accounts for the year to March 31 2024, the company’s turnover stood at £7.2 million, up from £5.9 million a year earlier, but operating losses widened from £10.2 million to £29.4 million. At the time, its fixed assets were valued at £62.7 million and current assets at £61.8 million, with net assets totalling approximately £100.7 million.
National Car Parks Limited - March 18
National Car Parks Limited, one of the largest operators of car parks in the UK, fell into administration last week, with Zelf Hussain, Rachael Wilkinson and Mark Banfield of PwC appointed as joint administrators.
The collapse of the company, along with a number of subsidiaries, came in the wake of major changes in customer driving patterns, particularly following the COVID-19 pandemic, which had a significant impact on demand. The company was also affected by long-term inflexible leases, which meant it was unable to reduce costs in line with revenue or to exit loss-making sites.
Since falling into administration, the company has confirmed that 22 of its 340 UK car parks will close this week. Administrators will review the viability of the company’s portfolio and explore a sale of all or part of the business.
In the year to September 30 2023, National Car Parks Limited reported turnover of £186.6 million, up from £173 million a year earlier. However, its pre-tax losses for the year increased from £22.5 million to £28.2 million.
At the time, its fixed assets were valued at £11.9 million and current assets at close to £66.2 million. However, net liabilities stood at nearly £290 million.
Find out more about the collapse of National Car Parks
Munihire LCL Limited - March 20
Munihire LCL Limited, a road sweeper hire firm based in West Sussex, fell into administration earlier this month, with Philip Dakin and Benjamin Wiles of Kroll Advisory appointed as joint administrators.
In accounts for the year to May 31 2024, the company’s fixed assets were valued at £2.1 million and current assets at £1.1 million, with net assets totalling slightly more than £535,000.
Blue Diamond Products Limited - March 23
Blue Diamond Products Limited, a caravan and motorhome products wholesaler based in Dewsbury, fell into administration last week, with Mark Hodgett and David Willis of FRP Advisory appointed as joint administrators.
In accounts for the year to November 30 2024, the company’s fixed assets were valued at £1.6 million and current assets at £4.9 million, with net assets totalling £2.5 million.
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